Apple Pay Later launching today: ‘buy now, pay later’ financing with 0% interest

Apple has announced that its long-awaited Apple Pay Later financing service will begin rolling out today. At launch, Apple says that it will “begin inviting select users to access a prerelease version of Apple Pay Later.” It will launch to “all eligible users in the coming months” in the United States.

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For those unfamiliar, Apple Pay Later is a new financial service from Apple that will allow customers in the United States to split purchases into four equal payments across six weeks, with no fees or interest. The feature will be available anywhere Apple Pay is accepted online or in-app. Apple Pay Later was announced at WWDC 2022, but is only now beginning to launch.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, says that Apple Pay Later is designed to give users “flexible payment options.” Bailey also reiterates that the service was “designed with our users’ financial health in mind.”

“There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later. Apple Pay Later was designed with our users’ financial health in mind, so it has no fees and no interest, and can be used and managed within Wallet, making it easier for consumers to make informed and responsible borrowing decisions.”

Users can apply for Apple Pay Later loans of $50 to $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay.